Investor Presentaiton
Republic of Indonesia - USD3.1bn Equiv. Dual-Currency Offering
On January 7, 2020, the Republic of Indonesia priced a transaction comprising EUR1 bn and USD2 bn in senior unsecured notes.
Issuer
Issuer Rating
Exp. Issue Rating
Issue
Aggregate Size
Maturity
Tranche Size
Coupon
Reoffer Price
Reoffer Yield
Benchmark
(Yield)
Republic of Indonesia
Baa2 Moody's (Stable)
BBB S&P (Stable) BBB
Fitch (Stable)
Baa2 (Moody's) / BBB (S&P) / BBB (Fitch)
U.S. SEC-registered shelf takedown
Fixed rate senior unsecured
notes
EUR 7-year
February 14, 2027
EUR1,000 mm
0.900% p.a.
(ACT/ACT)
99.638%
0.953% p.a.
€MS (-
0.077%) DBR
02/15/27 (-
0.446%)
USD3,100 mm
equiv.
USD 10-year
February 14, 2030
USD1,200 mm
2.850% p.a.
(30/360)
99.737%
2.880% p.a.
USD 30-year
February 14, 2050
USD800 mm
3.500% p.a.
(30/360)
99.077%
3.550% p.a.
UST 10 (1.828%)
Old UST 30 (2.311%)
Transaction Highlights
Leveraged a brief market window of stability to price inside fair
value levels by 1 bp for the EUR tranche and at a de minimis
concession inside 1 bp for the 10- and 30-year USD tranches
Record-low yields, spreads, and coupons by EUR and USD
financing by the Gol in each tenor
High-quality and price-insensitive demand allowed compression of
27 bp for the EUR tranche and 25 bp and 20 bp for the 10-
and 30-year USD tranches, respectively
Harnessed a particularly strong bid for duration to price
benchmarks which prompted a rally in the long-end of
Indonesia's curve once the new bonds were freed to trade
карнецо
Totalindications.
TotalAlecadens
Mumber
Chaplin
Ally Go
17%
EUR 7 year
ELAS,920
ELR1,000
20
3
ויו
USD 10-per
0309 600mm
UBO 200mm
3dc
TRI
IFY WEA
24
USD 30-year
J802300m
USD
134
2la
5
Spread to
Benchmark
Denominations
€MS + 103
bp DBR +
+ 105.2 bp
+ 123.9 bp
Allocation by Typ:
239.9 bp
EUR100k /EUR1k
USD 200k/1k
USD 200k/1k
Listing Law
law
Use of Proceeds
Singapore, Frankfurt Open Market listing / New York
For general purposes, including to partially
fund general financing
requirements
Source: Ministry of Finance
15
15
*
$15
5%
11%
31%
60%
21%
Pension Fix Fus
15
Pivot Bank and
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